QUESTION
husband traded in a car for a new car during divorce
Asked on Dec 16th, 2016 on Divorce - Florida
More details to this question:
Marital money was used to purchase the land rover. my husband said it is in his business name but the loan is in his name. He traded it in for a brand new jaguar and put his dads name on the car. two questions: 1. the land rover is, in fact, a marital assets, right? 2. it considered dissipation of marital assets if he buys or sells a car during divorce?
1 ANSWER
Even if the Land Rover was in the name of the business, the business is a marital assets (assuming it was formed during the marriage...if not, parts may be-beyond the scope of this response) and therefore the car is an asset of the business.
It may be considered dissipation, but one would have to figure out the net value of the vehicle (Land Rover) at the time it was sold. That equity would be the "marital asset" that could likely be added to the equitable distribution pot.
I hope this helps.
Best wishes,
Cindy S. Vova
Law Office of Cindy S. Vova, P.A.
8551 West Sunrise Blvd. #301
Plantation, FL 33322
info@vovalaw.com
954-316-3496
Answered on Dec 19th, 2016 at 8:31 AM